LONDON-Real estate advisor Savills has agreed to pre-lease most of a 192,291-square-foot office building here in the West End. Great Portland Estates is redeveloping the former Marcol House at 33 Margaret St. and nearby 23/24 Newman St. for $96 million.
Savills will fully lease the first four floors, and part of the fifth, of the building, which is expected to be completed in October 2012, for an initial rent of $5.7 million per year. Savills also has the right to lease additional space in the building on the sixth and seventh floors.
Savills, in a statement, said it will move its West End teams, currently based at offices in Lansdowne House and Grosvenor Hill, to the new lease in early 2013. Jeremy Helsby, CEO of Savills, said in the statement that the lease is a strong expression of confidence in the growth of the business and in London as a global financial center. “This move will provide Savills with an exciting new London headquarters building,” he said.
Great Portland bought the two buildings from Istithmar World PJSC two years ago through a profit share and debt structuring joint venture agreement with Eurohypo. The Newman Street building will feature 22 apartments when renovation is complete.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
